Cross-chain lending protocol Radiant Capital has suspended its lending markets.
The report states that Radiant Capital has acquired experiences of a $4.5 million hack that affected one of many new USD Coin (USDC) markets.
Blockchain safety platform Beosin linked the assault to utilizing immediate credit score with the attacker profiting from a “rounding downside” within the code base, “which led to a cumulative accuracy error.”
Consequently, the attacker made a revenue by way of repeated deposits and withdrawals of belongings.
“The attacker manipulated the index parameter (which later served as a denominator) to turn out to be extraordinarily giant. The contract has a rounding subject in its calculations, which led to a cumulative precision error.”
Beosin announcement
Based on Arbiscanner, the attacker managed to siphon $4.5 million in Ethereum (ETH) from the protocol.
![Radiant Capital reports $4.5m flash loan attack - 1](https://crypto.news/app/uploads/2024/01/Screenshot-2024-01-03-at-09.45.01-1024x215.png)
Radiant additionally suspended the lending and borrowing markets on Arbitrum and guaranteed traders that no further funds have been at the moment in danger. They promised to conduct an in depth post-mortem and restore regular operations as soon as the investigation is accomplished.
The Radiant Capital hack was not the primary case of assault by cybercriminals because the starting of the 12 months. Beforehand, scammers hacked the Orbit Chain protocol price $81.5 million.
Based on the challenge group, stolen cryptocurrency “stays untouchable” on the addresses the place they have been found. They’re now conducting a detailed evaluation to find out the basis reason behind the hack and liaising with worldwide legislation enforcement companies.